Tata Chemicals promoters pledge 20% stake

Tata Chemicals today said three of its promoters have pledged 20.02 per cent stake in the company with lenders.

In a disclosure to the Bombay Stock Exchange, Tata Chemicals said Tata Tea, Tata Investment Corporation and Tata Sons have pledged 4.70 crore shares, representing 20.02 per cent stake in the company.

Calculated on the basis of current market price of Tata Chemicals, the promoters are likely to have received over Rs 705 crore from lenders through the share pledge.

While Tata Tea has pledged its entire holding of over 1.53 crore, Tata Sons has pledged 1.67 crore shares or nearly half of its holding to lenders.

Tata Investment Corporation (TICL) has pledged 1.50 crore shares or 94 per cent stake of its holding in the entity.

Tata Investment has pledged the shares as security for the Zero Coupon Convertible Bonds (ZCCB) issued, which are fully convertible into equity shares of TICL, the filing said.

Hence, the pledge cannot be invoked as no payment obligations arising from the issuance of the ZCCBs, it added.

As of December quarter, Tata Sons held 14.26 per cent stake in Tata Chemicals, while Tata Tea and TICL held 6.54 per cent and 6.80 per cent, respectively.